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MINNESOTA COOPERATIVES SHARE CENEX PROFITS

 ST. PAUL, Minn., March 12 /PRNewswire/ -- Cenex member cooperatives in Minnesota will share in the record $15.8 million in cash patronage distributed by the regional cooperative this month.
 Checks totalling $4,218,787 were mailed to 327 Minnesota cooperatives which did business with St. Paul-based Cenex during its 1992 fiscal year. Patronage refunds vary by cooperative based on the amount and type of business they transact with Cenex. The cooperatives also earned preferred stock totalling $9,842,589 for 1992.
 In addition to the overall distribution of $15.8 million cash -- which exceeded a fiscal 1992 record -- Cenex issued $37 million in preferred stock to its member cooperatives in more than 15 states. The total $52.8 million patronage refund is the result of record 1992 Cenex performance which included net income of $63.9 million on sales of $1.8 billion.
 "This record cash disbursement is a tribute to the efforts local cooperatives are making to build successful businesses in their communities," said Cenex President Noel Estenson. "As our system continues to grow, returning cash to our member-owner cooperatives, along with making major investments in Cenex's future, will be the cornerstones of our success."
 Combined with 1993 stock retirements, the patronage disbursement brings to $372.1 million the total cash returned to Cenex owners over the regional cooperative's 62-year history -- 51.4 percent of the cooperative's cumulative net earnings.
 Cenex is a regional farm supply cooperative serving farmers and ranchers in more than 15 states. Through more than 1,800 local cooperatives, it supplies them with refined petroleum products, propane lubricants, plant food, crop protection products, tires, batteries and automotive accessories and a wide range of services and technology.
 -0- 3/12/93
 /CONTACT: Lani Jordan of Cenex, 612-451-5946/


CO: Cenex ST: Minnesota IN: AGR SU: ERN

AL -- MN001 -- 5439 03/12/93 10:20 EST
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Publication:PR Newswire
Date:Mar 12, 1993
Words:308
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